10 September 2018 - Bain & Company prides itself on helping our clients achieve sustainable results. Our work on the organization structure at SARS did not achieve this and we are deeply troubled by the pain suffered by employees of SARS and their families.
To understand what happened, we launched an independent investigation led by the global law firm Baker McKenzie. The investigation is focusing on understanding the facts relating to people, processes, and governance that resulted in us getting and accepting the work.
Our own internal review established that our engagement with SARS did not meet our standards for delivery of sustainable, positive results for our client. We do not want to benefit from work that was used to further a different agenda than was intended.
Bain & Company’s global Board yesterday approved to set aside all of the R164M of fees plus interest, from our work with SARS. This money will be used either as prescribed by the Nugent Commission of Inquiry or – in the absence of such prescription – for the benefit of South Africa. In the latter instance, we will seek guidance from civil society, government, and business leaders on how these funds can best be used.
We continue to cooperate voluntarily with the Nugent Commission of Inquiry. Tiaan Moolman, a long serving member of the Bain partnership, will take over day to day operations of Bain South Africa to allow Vittorio Massone to focus his time on cooperating with the Commission. He remains a partner of Bain & Company.
To reinforce the independence of the investigation and Bain’s commitment to addressing any new facts, we have established an oversight committee made up of senior global Bain partners and outside directors. Athol Williams, a Bain alumnus and a respected independent advisor, will chair this committee on an interim basis. He is a distinguished academic in the area of corporate responsibility, a corporate leader and lifelong social advocate. Bain’s contract with Mr Williams calls for him to do what is right for South Africa, without restrictions.
Bain continues to be committed to our people, our clients and to South Africa. We are actively exploring additional ways to be part of the solution to creating prosperity in the country. We will be seeking guidance from multiple stakeholders in this process.
While external stakeholders and Bain leadership await the outcome of the independent investigation, we acknowledge that the desire for answers will continue to build. Please be patient with us as we take the necessary steps to answer questions raised.
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Acerca de Bain & Company
Bain & Company es una consultora global que ayuda a los generadores de cambio más ambiciosos del mundo a definir el futuro. A través de 64 oficinas en 39 países, trabajamos como un solo equipo junto a nuestros clientes para lograr resultados extraordinarios, superar a la competencia y redefinir las industrias. En 2022, cumplimos 25 años en América del Sur, trabajando en estrecha colaboración con empresas líderes en múltiples industrias, experiencia integrada y personalizada que complementamos con un vibrante ecosistema de innovación digital para ofrecer mejores resultados, más rápidos y duraderos.
Como una empresa consciente de los desafíos globales actuales, tenemos como compromiso a 10 años invertir más de 1.000 millones de dólares en servicios pro-bono para llevar nuestro talento, experiencia y conocimiento a las organizaciones que abordan en materia de educación, equidad racial, justicia social, desarrollo económico y medio ambiente. Desde nuestra fundación en 1973, hemos medido nuestro éxito a través del éxito de nuestros clientes, y nosotros orgullosamente mantenemos el nivel más alto de respaldo en la industria.